EDC releases mid-year small business results

More than 500 consultations resulting in 45 small business startups and expansions occurred in the first six months of this year.

The Sault Ste. Marie Economic Development Corp. said its mid-year statistics from Enterprise Services shows that between January and July, 536 formal consultations were held, resulting in the 45 small business startup and expansion.

The statistics indicated that this year, 19 firms were supported through Starter Company, which provides training and potential access to funds to help entrepreneurs start and grow small businesses. The businesses range from Tombari Electric to Spark Fitness, AwakenINK Inc, Wood Studio, Twisted Tree Maple Product, Lil Kaboose Eatery and Milne Landscaping, among others.

The EDC’s Summer Company, which provides training mentoring and grants to help students start their own business during the summer months resulted in the successful operation of 17 businesses. In past years, program participants, including Cavera Inc and PAC Construction Group, turned their summer business into full-time, year-round operations.

Business support programs for small business are delivered through the Millworks Centre for Entrepreneurship. The Machine Shop includes a business incubator, currently hosting nine firms and the EDC’s Enterprise Services staff.

“We’ve seen a wide variety of firms set up shop in the Millworks Centre for Entrepreneurship,” said Andrew Ross, manager of Enterprise Services. “We established the business incubator to maximize our clients’ success and to bolster the small business sector in the community. Studies show that after five years of operation, companies that utilize incubation services have a success rate of more than 80 per cent, compared to about 33 per cent for non-incubated firms.

The EDC’s business retention and expansion program also helps larger firms reach their growth objectives.

In 2017, staff conducted more than 40 site visits to local companies under the program and the expansion projects underway total $15 million.

Meanwhile, Invest Sault Ste. Marie is continuing.

The three-year targeted marking initiative aims to attract external companies and investment to the community.

“Our team offers a continuum of services to support entrepreneurs of all ages and companies of all sizes,” said Dan Hollingsworth, the SSMEDC’s executive director of business development. “The end result leads to a stronger and more vibrant business sector, which ultimately creates and retains jobs while generating investments in Sault Ste. Marie.”